Coinbase’s Base Surpasses $2 Billion Total Value Locked, Ranks as Second-Largest Optimistic Rollup
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Base, the Layer 2 Ethereum network developed by Coinbase, has crossed the $2 billion milestone in total value locked (TVL), making it the second-largest optimistic rollup by deposits, just behind Arbitrum.
Data from DeFiLlama shows that Base’s TVL reached $2.08 billion, a significant increase from approximately $430 million at the beginning of the year, representing a 370% growth year-to-date.
Launched in August 2023, Base operates as an optimistic rollup, which processes transactions off the Ethereum mainnet and only periodically posts data on-chain.
This approach reduces the load on Ethereum, enhancing its transaction throughput and efficiency.
The growth in Base’s TVL has been primarily driven by the decentralized exchange Aerodrome, which accounts for over $1 billion of the total deposits.
Uniswap also plays a key role, contributing around $220 million.
Despite Arbitrum leading in TVL among optimistic rollups, Base has outperformed in terms of user activity.
Metrics such as active addresses and daily transactions have positioned it at the forefront of the optimistic rollup sector, according to data from The Block.
As reported, DeFi appears to be experiencing a resurgence, as key indicators such as active loans and TVL show significant growth from their 2023 lows.
For one, active loans have climbed to approximately $13.3 billion, levels not seen since early 2022.
DeFi lending, which allows investors to lend their crypto holdings to borrowers in exchange for interest, is a crucial metric for assessing DeFi participation and
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